Many businesses, while starting out initially, make the mistake of attempting to stand for everything. They want to do everything that is possible well, and they want to be an all-in-one solution for everyone. They want to be known for having the highest quality products at the most affordable rates. They want to have the best services and the cheapest prices. They want to be known as the best service providers, and a company with the best products, and the company with the best marketing strategies.
The problem is clear:
- When you attempt to be known for everything, you end up becoming known for nothing.
The question in focus is – What is your unique selling point? What differentiates you from your competitors? A unique selling proposition is what your business and your product stand for. It is what sets your business apart from others because of what your business makes a stand about. Instead of attempting to be known for everything, businesses with a unique selling proposition stand for something very specific, and it ultimately becomes what you are known for.
WHY A UNIQUE SELLING POINT IS IMPORTANT
A unique selling point clearly defines your company’s unique position in the marketplace and your vision for your product getting at the heart of your business: the value you offer and the problem you solve. An articulate and strong USP clearly communicates a specific benefit – one that other competitors don’t offer – that makes you stand out.
If your products appear the same as your competitors, your prospective customers will not know which one is right for them. Being clear about your unique selling proposition helps them differentiate between the varieties of choices available to them. It is a crucial part of effective selling, especially in today’s online driven business models where consumers have so many options.
A USP can also serve an important role within your organization as it forces you to consider your company’s mission and its very reason for being. Successful businesses are those with their key competitive differentiators clear.
As a business owner, you need to consider and communicate who your business is for, what drives you to offer the services you offer, and how you want to make a unique impact. A USP is also an important part of your marketing strategy for attracting new customers.
HOW TO FORMULATE YOUR PRODUCT’S USP
When formulating your product’s or service’s USP, it’s important to implement these key elements:
- It should be truly unique.
- It should be positive and strong enough to pique your market’s interest and get them to talk about it, and ultimately, buy it.
- It should be hard to imitate.
- It should be clear.
For example, it is easy to claim that your restaurant’s fried chicken is “the best in town”. Numerous other fried chicken stores in town can make the same claim. However, if you reposition your product as, “Home-style fried chicken made with 15 herbs & spices delivered to you anytime,” then you are offering what no other fried chicken company might have done yet.
In digital marketing that uses several media platforms such as videos, social media, etc. a strong USP is also required to engage and keep the audience’s attention amidst all the online noise. Tactics such as interactivity, great visuals, a fun storyline, or a consistent schedule may be implemented. Anything to ensure that your audience sees and remembers what you are offering is essential in today’s saturated markets. All these factors can shape a company’s marketing strategy whose backbone is a well-defined product with a clear vision.
Essentially, your USP must communicate to your audience that your product has as a superior value that is only attainable if they buy from your brand. A well-developed USP is essential when you are setting out any marketing strategy. It gives you clarity around the content you want to develop for your online or offline marketing campaigns. Its benefits to your marketing strategy include:
- A clear benefit
- Improved revenues
- Loyal markets
- Streamlined sales strategy
If you are not sure about what compels your customers to buy from you, then A/B testing your product’s USP on landing pages can help. By testing various USPs against each other, you can determine the messages that resonate with your target audience by measuring conversion rates.
Your USP should start and end with your business. You should firmly believe in your USP and be passionate about it. If you do not, you cannot expect prospects to either. It is also imperative to support your USP through the business’ vision and decisions. A smart, to-the-point USP will define the focus of your business and be form the foundation your company has to offer to new prospects, opening opportunities for you.